Deputy Minister of Digital Transformation of Ukraine Oleksandr Bornyakov explained that partnership with Stellar will make it possible to make effective decisions for the development of the entire ecosystem of digital assets in Ukraine. Bornyakov added that by doing so, the ministry is integrating the best practices of Switzerland, Great Britain, Malta, Liechtenstein and the United States, where the cryptocurrency industry is quite developed.
“Startups, cryptocurrency companies and financial institutions always need a secure legal environment to do business. The Ministry of Digital Transformation of Ukraine is working to create a framework that will form a transparent and stable regulatory environment for firms working in the field of blockchain and cryptocurrencies, ”Bornyakov said.
Stellar Development Foundation CEO Denelle Dixon said that cryptocurrencies and government digital currencies are important innovations in today’s reality. Therefore, Stellar executives are delighted to contribute to the development of the Ukrainian digital asset infrastructure. Dixon expressed her readiness to work together with other stakeholders to implement Stellar-based tools, as well as to provide services to individuals and legal entities in Ukraine.
The National Bank of Ukraine has been exploring the possibility of issuing its own digital currency since 2017. The regulator is conducting research on how the Central Bank’s cryptocurrency can be useful and how it can affect the monetary policy and financial stability of the country. Earlier, NBU experts came to the conclusion that the electronic hryvnia can harm the traditional banking system by reducing the amount of paper money in circulation. However, now Ukraine’s cooperation with Stellar is aimed at introducing a state cryptocurrency and working out clear rules for digital assets.
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